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Economics

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Gussie Gutkowski

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Cards in this guide (17)
What does sm mean

Legal definition: The symbol (SM) is used to indicate that a word, phrase, logo or design is treated as a service mark by the party - that is, that the party claims rights in the mark. The mark does not need to be federally registered to use this symbol, unlike the ® symbol.

What are expressed powers

Expressed powers are powers written down for Congress in the Constitution.

Which of these was not a right given by the National Industrial Recovery Act and the National Labor Relations Act

the right to work

Which famed English economist laid the basis for most theories on modern fiscal policy

John Maynard Keynes

Which president signed the Medicare bill into law on July 30 1965

Lyndon B. Johnson

Which government agency sets wage standards

Department of Labor

Who president pursued an aggressive agenda of creating many new programs to directly assist those in need and an indirect economic recovery

FDR

Which type of tax is imposed on those who inherit assets from a deceased person

inheritance tax

How is economic activity most commonly measured

Economic activity is commonly measured as gross domestic product.

Which of these is the primary source of tax revenue for the national government

income tax

Which event brought about a significant increase in American social programs due to its devastating effects on society

Great Depression

Which of these is not an advantage of the foreign production of goods

Tighter Regulations.

Which of these terms refers to the amount of money loaned to consumers and businesses

credit

What best describes an implied warranty

a merchant's agreement that a product will function in the manner expected compared to other similar goods

What powers are often controversial because they are based on interpretation

implied

Hawaii held a trade agreement with the US which allowed duty-free importation of sugar to the mainland. What did the local kingdom give to the US in return for these trade benefits

Pearl Harbor and Ford Island.

A shortage of a natural resource can lead to which phase in the business cycle

recession

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